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Newly appointed SEC Chairman Gary Gensler on Thursday suggested that the U.S. Congress should consider regulating cryptocurrency exchanges.
Gensler did so while appearing before the House Financial Services Committee in a hearing that was mostly about the fallout from January’s Gamestop short squeeze.
Slightly off topic, Representative Patrick McHenry asked about how the SEC might bring more regulatory clarity to the world of digital assets and cryptocurrencies—something blockchain-conscious legal experts have been after for years. Gensler replied:
“It’d be good to consider whether to bring investor protection to the crypto exchanges.”
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“And I think if that were the case—because right now the exchanges trading in these crypto assets do not have a regulatory framework, either at the SEC or our sister agency, the Commodity Futures Trading Commission—that could instill greater confidence,” the Chairman added.
“Right now, there’s not a market regulator around these crypto exchanges and thus there’s really no protection around fraud or manipulation.”
At the end of April, the House of Representatives passed legislation called the Eliminate Barriers to Innovation Act, which is intended to address some of the beforementioned issued. Unsurprisingly the bill was introduced by McHenry back in March.